Chicago—Marquette Cos. had a successful 2016 with developments, acquisitions and dispositions totaling more than $700 million in the multifamily sector.
The company currently has $250 million in active development in Chicago and Houston. Catalyst, the 28-story, 360-unit high rise tower in downtown Houston will be ready to lease in spring 2017. Marq on Main, a 202-unit mixed-use development featuring 13,000 square feet of retail space, is located near the Metra station in Lisle, Ill., and will debut in fall 2017. The Water Street project in downtown Naperville, Ill., set for completion in spring 2017, will feature new retail outlets, a 158-key hotel Indigo, 40,000 square feet of retail and restaurant space and 15,000 square feet of office.
Marquette has done its fair share of both buying and selling in 2016. In joint ventures, the company has acquired $200 million in assets totaling 1200 units, including City View at the Highlands in Lombard, Ill., Maple Knoll in a submarket of Indianapolis, River Run in Naperville, Ill. and Club of the Isle in Galveston, Texas. Marquette and its affiliates have sold properties totaling $250 million, including 1401 S. State, The Ponds of Naperville, Skyridge Club and Arbor Lakes in Chicago, Verandas at City View in Fort Worth, Texas and Portofino at Las Colinas in Dallas.
Capitalizing on low interest rates, the company refinanced its 288-unit Fairlane Woods in Dearborn, Mich. with a FHA execution, Brookdale on the Park in Naperville, Ill., with a 10-year, fixed-rate agency execution and completed supplemental financings on Farmington Lakes in Oswego, Ill. and Main Street Village in South Bend, Ind.
“We at Marquette are very excited about the continued strength of the multifamily market in the foreseeable future,” Nick Ryan, co-founder & CEO of Marquette Co. told Multi-Housing News. “Target markets for acquisitions in 2017 for us are the central United States, from Minneapolis and Chicago to the major cities in Texas, Denver and Phoenix.”
Image courtesy of Marquette Cos.